Portfolio Company Credit Risk: The primary business of lending to middle-market companies exposes TCPC to the risk of defaults, bankruptcies, or deteriorating financial conditions of its portfolio companies, which could lead to significant losses on its investments and impact its net investment income.

Interest Rate Volatility Risk: As a lender with a significant portion of its portfolio in floating-rate loans, and also utilizing floating-rate debt, TCPC is exposed to interest rate fluctuations. While rising rates can increase income from assets, they also increase borrowing costs and could negatively impact borrowers' ability to repay, while falling rates could reduce net investment income.

External Management Risk: TCPC is externally managed by a subsidiary of BlackRock, Inc. Its success depends on the BlackRock manager's ability to identify, originate, and manage investments. There is a risk that the manager's interests may not always be aligned with shareholders, or that the management agreement could be terminated or not renewed.